Overview
- Grayscale published a sector analysis on Thursday, November 12, 2026, reporting that Bitcoin now explains about half of return variation across its FTSE Grayscale Crypto Sectors indices.
- The firm documents a steady decline in pairwise correlations between its sector indices, a sign that sectors are moving more independently from Bitcoin.
- Annualized volatility varies sharply by sector, ranging from 49% for Currencies to 85% for Artificial Intelligence, and every tracked sector exceeds Bitcoin’s roughly 43% one-year realized volatility.
- Grayscale’s sector-level measures show Bitcoin‑attributed shares differ meaningfully—about 30% in Financials and Utilities & Services and about 46% in Consumer & Culture—so some sectors offer more independent return drivers than others.
- The report warns that lower historical correlations can improve diversification only in some market conditions because correlations often rise in stressed markets, so investors should weigh higher sector volatility and changing correlation regimes when allocating capital.